Virtu Financial Stock Plummets As Q4 Earnings Miss Estimates

Virtu Financial, Inc. VIRT shares are trading lower on Thursday.

The company reported fourth-quarter adjusted net trading income of $260.91 million, missing the analyst consensus of $286.54 million. Adjusted net trading income decreased 4.8% year over year.

Virtu Financial reported Normalized adjusted earnings per share of 27 cents, missing the street view of 41 cents. 

In the quarter under review, adjusted EBITDA decreased 20.7% to $99.0 million, with an adjusted EBITDA Margin of 37.9%.

As of December 31, 2023, Virtu had $855.5 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $1.751 billion.

The company declared a quarterly cash dividend of $0.24 per share. This dividend is payable on March 15, 2024, to shareholders of record as of March 1, 2024.

Price Action: VIRT shares are trading lower by 11.35% to $17.02 on the last check Thursday.